The toughness of the foreign exchange market has strengthened and become more mature (new data and new highlights)
According to data released by the State Administration of Foreign Exchange on January 22, my country's foreign exchange market will operate smoothly in 2020 and maintain a basic balance of international payments.
According to the data of bank foreign exchange settlement and sales, in 2020, in terms of U.S. dollars, banks will have a surplus of 158.7 billion U.S. dollars; in yuan, they will have a surplus of 1078.3 billion.
"In 2020, the sudden new crown pneumonia epidemic will have a severe impact on the world economy, and international financial market volatility has intensified. However, China's cross-border capital flow and foreign exchange market operation have withstood severe tests, showing a'increased resilience and maturity'. Overall characteristics." Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, said that in 2020, banks will have a surplus of US$158.7 billion in foreign exchange settlements and sales. This is mainly due to the effective and effective prevention and control of the epidemic in China, which has steadily promoted the resumption of work and production, and foreign trade was significantly better than expected. , The import and export surplus increased.
—— Behind the smooth operation of the foreign exchange market is the increased awareness of exchange rate risk management of market players.
"Our main business is the export of daily necessities, and we deal with foreign exchange almost every day." Liao Xinghua, deputy general manager of Fuzhou Light Industry Import and Export Co., Ltd. said that exchange rate fluctuations will affect operations. Now companies have more and more tools to manage exchange rate risks. , I also have a better bottom.
"Recently, we have learned to use hedging and other means to hedge exchange rate risks reasonably, and companies have more confidence in entering the world market." Liao Xinghua said.
Data show that in 2020, the corporate hedging ratio is 17.1%, an increase of 2.7 percentage points from 2019.
"From changes in indicators such as corporate hedging ratios, selling exchange rates, and settlement exchange rates, we can see that the maturity of my country's foreign exchange market has increased significantly, and market expectations have become more rational, and a more resilient and mature foreign exchange market has gradually formed." Researcher Wang Youxin said.
—— Behind the smooth operation of the foreign exchange market is the flow of cross-border capital in and out, and the overall balance.
Statistics show that from July to November 2020, the net inflow of various foreign investments in China is more than 270 billion U.S. dollars, and various domestic foreign investments are more than 340 billion U.S. dollars.
From the perspective of major projects, cross-border two-way direct investment has grown steadily and continued a small surplus; two-way securities investment has become more active. From July to November 2020, there will be a two-way securities investment surplus of more than 70 billion U.S. dollars, of which foreign securities investment in China is higher than 2019 The annual growth rate was 93%, and there was also a relatively high growth in domestic foreign securities investment.
"China's economy has taken the lead in recovering among the world's major economies. Renminbi assets are becoming increasingly attractive globally. The continuous inflow of foreign capital is the world's'vote of confidence' for China's economy." Wang Youxin said that my country's finance in recent years The two-way opening of the industry has been significantly increased, and more domestic investors are going global. In general, cross-border capital flows will remain within a reasonable and balanced range in 2020.
—— Behind the stable operation of the foreign exchange market is my country's international balance of payments gradually moving towards autonomous balance.
Statistics show that in the first three quarters of 2020, the ratio of my country's current account surplus to gross domestic product (GDP) was 1.6%, which was the same as the average level in recent years and remained within a reasonable equilibrium range.
"In recent years, my country's international balance of payments has gradually moved toward an autonomous balance. There will be neither surplus nor deficit projects, but a pattern of balanced development with both ins and outs." Wang Chunying said.
"China is accelerating the construction of a new development pattern with the domestic big cycle as the main body and the domestic and international dual cycles mutually promoting each other. This will promote the coordinated development of domestic and external demand, imports and exports, foreign investment and foreign investment, which will help maintain a basic balance of international payments. "Wang Chunying said that the future foreign exchange market will further show the characteristics of overall balance and two-way fluctuations.
Our reporter Ge Mengchao